- What is a merchandising business?
- How is it different from a service business?
- Wholesaler vs. Retailer
What is inventory?
- Why is it so critical?
Discussion: Two Aspects – BS (Current Asset) and IS (COGS)
Periodic vs. Perpetual inventory systems – The Inventory Cycle
What is COGS? – calculation and using the equation
Complete Exercise 2 and 3 Page 402
Additional Review and Practice:
- Read 396-401
- Questions 1-17
- Exercises 2-5